In this episode of the Inspired Money Podcast, host Andy Wang welcomes Dr. Bob Wright, Dr. Mary Bell Carlson, and Victor Ricciardi to discuss the role of psychology in shaping our money mindset. They explore biases, mindset shifts, and the education needed to make sound financial decisions. Transitioning to a New Chapter In "The Psychology of Money: Understanding Your Money Mindset," we explore how overcoming biases, adopting a positive mindset, and aligning financial decisions with personal values can lead to financial well-being. Our guests offer strategies to reframe beliefs, cultivate mindfulness, and make informed financial decisions. 🕒 Episode Insights Recognizing Biases in Financial Behavior: Dr. Mary Bell Carlson discusses the impact of cognitive biases on financial decisions. Family Influences on Money Beliefs: Dr. Bob Wright explains how family shapes our earliest attitudes toward money. Mindset Shifts: From Scarcity to Abundance: The panel explores replacing a scarcity mentality with an abundance mindset. Reframing Limiting Beliefs about Wealth: Dr. Bob Wright shares strategies for uncovering unhelpful beliefs and replacing them with empowering ones. Mindfulness, Gratitude, and Journaling: Dr. Mary Bell Carlson emphasizes gratitude practices and journaling for financial well-being. Aligning Financial Decisions with Personal Values: Dr. Mary Bell Carlson offers tips for prioritizing financial goals according to personal values. Impact of Mood on Decision-Making: Victor Ricciardi highlights how mood affects risk perception and financial decisions. Timing Financial Education: Dr. Mary Bell Carlson emphasizes "Just in Time" education, providing advice when it’s most relevant. Confidence Gap in Investing: Victor Ricciardi addresses the gap in financial confidence between men and women. Designing Positive Financial Affirmations: Dr. Bob Wright advises on creating affirmations that align with deeper beliefs. Understanding Your Money History: Dr. Mary Bell Carlson explains how reviewing your past can enhance future behaviors. Conversations as a Strategy for Change: Dr. Mary Bell Carlson advocates for open discussions about money. Avoiding Scarcity Mindset Groups: Dr. Bob Wright suggests avoiding groups that reinforce scarcity beliefs. Effective Debt Management: The panel compares the benefits of the snowball vs. avalanche debt repayment methods. Long-Term Financial Planning: Victor Ricciardi shares strategies for meaningful long-term impact. Investing in Yourself and Quality of Life: Dr. Bob Wright emphasizes the importance of personal growth and investing in oneself. Navigating the Path to Financial Well-being This episode provides insights into the psychology of money and its impact on financial behaviors. By understanding biases, reframing beliefs, and aligning financial goals with personal values, individuals can achieve a healthier money mindset and improve their financial well-being. Join the Conversation We invite you to immerse yourself in this insightful discussion on understanding your money mindset. Share your thoughts, questions, or suggestions for future topics with us, and learn how to reshape your financial behaviors for a more prosperous future. Meet Our Guest Panelists Dr. Bob Wright, co-founder of the Wright Graduate University for the Realization of Human Potential and a Professor of Transformational Leadership, is recognized internationally for his Integrative Model of Human Growth and Development. As a best-selling author, top executive coach, and founder of influential organizations, including The Men’s Guild, Be Heard, and Transformational Leadership Symposium, Dr. Wright empowers individuals to reach their potential and fosters cutting-edge leadership worldwide. https://livewright.com   Dr. Mary Bell Carlson, CFP®, AFC®, is a renowned financial behavior expert, speaker, and storyteller, known for her influential work in government, academia, and beyond. As an adjunct pr